UNLEASHING AFRICAN ENTREPRENEURSHIP

The potential of Africa’s entrepreneurs, existing and new, is largely unrealized. Existing entrepreneurs are often successful in spite of the myriad constraints they confront, such as non-transparent and ineffective regulatory frameworks, lack of business skills and training, access to finance, and even negative stereotypes which still persist in large parts of Africa.

The majority of would-be entrepreneurs are thwarted by these obstacles, never seeing their often promising ideas and dynamic energy translate into products, profits and jobs.

Entrepreneurship is not awarded and encouraged as much as it should. There is a need to nurture a culture in which creating jobs are encouraged more than getting a job.

A constraint related to current youth entrepreneurship programmes is the limited scale of such programmes, compared to the size of the youth unemployment problem. Women face more constraints in becoming entrepreneurs than men.

The focus on skills and opportunities for entrepreneurs need to be enhanced and scaled-up given their key role in delivering higher incomes and jobs, thereby paving the way for improved standards of living.

As young women and men are Africa’s greatest asset, there is a need to exploit their potential by providing them with the opportunity to obtain productive employment and decent jobs.

The concrete initiative

The Africa Commission will establish an initiative focusing on business development services, mentoring, training and access to finance.

Would-be entrepreneurs need advice, support and basic services (such as literature, access to ICT, budgeting and accounting skills, etc.) to help them overcome the obstacles they face in turning their business ideas into viable business plans.

Sustainable business ideas

The initiative - currently being developed in partnership with the Youth Employment Network (YEN) and the International Labour Organization (ILO) - will support youth in becoming more articulate and able to advocate for their rights to be equal partners in relevant policy forums.

Furthermore, the initiative will encourage an entrepreneurial spirit among young people and policy-makers through ‘business idea competitions’.

Therefore, this initiative will ensure that only activities based on market research or value-chain analysis will be launched, so that youth enterprises are developed in high-growth sectors.